The Macroprudential Approach: Policy, Supervision or Regulation?


Author: Professor Rosa M. Lastra (Sir John Lubbock Chair in Banking Law, CCLS, Queen Mary University of London) Published: 25 October 2021 The 2007-09 global financial crisis challenged many pre-existing conceptions about systemic risk, including the ‘composition fallacy’[1] which assumed that if individual entities were robust and subject to adequate micro-prudential supervision, then the whole system would be resilient. This assumption proved to be misguided. Thus, [...]